Fellow board members and colleagues, good morning.
It is a great pleasure to be back at the Accounting and Financial Reporting Council (AFRC). Being here brings back many fond memories for me.
Our partnership spans nearly two decades, beginning with the first memorandum of understanding (MoU) in 2007. In 2021, when I had the privilege of serving as Chairman of the then Financial Reporting Council, we signed an enhanced MoU with the Securities and Futures Commission (SFC). Our cooperation has since deepened through a joint statement in 2023, and coordinated enforcement work this year.
Today, we sign this modernised MoU, updated to keep pace with increasingly complex markets and our policy initiatives, marking another important step forward.
This MoU comes at an important moment for Hong Kong.
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